Type:
Bullish Rise
Key Levels:
Resistance: 13946
Pivot: 13484
Support: 12294
Preferred Case:
On the H4 chart, price is near our pivot of 13118 in line with horizontal overlap support and 78.6% Fibonacci projection. Price can potentially rise to our 1st resistance level at 14405 in line with the 100% Fibonacci projection. Our bullish bias is supported by how price is expected to bounce off support.
Alternative Scenario:
Alternatively, price may head to our 1st support at 12667 in line with the horizontal overlap support and 61.8% Fibonacci retracement.
Fundamentals:
With the ongoing Russia- Ukraine tension, we can expect to see bearishness in the US indices.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.